U.S.: Virgin Olive Oil Market Overview 2021

Virgin Olive Oil Market Size in the U.S.

After nine years of growth, the U.S. virgin olive oil market decreased by -X% to $X in 2019. Over the period under review, the total consumption indicated a perceptible increase from 2007 to 2019: its value increased at an average annual rate of +X% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the market value increased by X% against the previous year. Virgin olive oil consumption peaked at $X in 2018, and then dropped in the following year.

Virgin Olive Oil Production in the U.S.

In value terms, virgin olive oil production dropped modestly to $X in 2019. Overall, production showed significant growth. The growth pace was the most rapid in 2008 when the production volume increased by X% against the previous year. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2019, production remained at a lower figure.

Virgin Olive Oil Exports

Exports from the U.S.

In 2019, shipments abroad of virgin olive oil decreased by -X% to X tonnes, falling for the third consecutive year after two years of growth. In general, exports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2011 with an increase of X% against the previous year. Exports peaked at X tonnes in 2016; however, from 2017 to 2019, exports remained at a lower figure.

In value terms, virgin olive oil exports reduced to $X in 2019. Overall, exports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2011 when exports increased by X% against the previous year. Over the period under review, exports attained the peak figure at $X in 2016; however, from 2017 to 2019, exports remained at a lower figure.

Exports by Country

Canada (X tonnes) was the main destination for virgin olive oil exports from the U.S., with a X% share of total exports. Moreover, virgin olive oil exports to Canada exceeded the volume sent to the second major destination, Panama (X tonnes), threefold. The third position in this ranking was occupied by Mexico (X tonnes), with a X% share.

From 2007 to 2019, the average annual rate of growth in terms of volume to Canada totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+X% per year) and Mexico (+X% per year).

In value terms, Canada ($X) remains the key foreign market for virgin olive oil exports from the U.S., comprising X% of total exports. The second position in the ranking was occupied by Mexico ($X), with a X% share of total exports. It was followed by Panama, with a X% share.

From 2007 to 2019, the average annual rate of growth in terms of value to Canada amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+X% per year) and Panama (+X% per year).

Export Prices by Country

In 2019, the average virgin olive oil export price amounted to $X per tonne, which is down by -X% against the previous year. Overall, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2010 an increase of X% y-o-y. The export price peaked at $X per tonne in 2014; however, from 2015 to 2019, export prices stood at a somewhat lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was Turkey ($X per tonne), while the average price for exports to Panama ($X per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Turkey, while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into the U.S.

In 2019, approx. X tonnes of virgin olive oil were imported into the U.S.; remaining constant against 2018. The total import volume increased at an average annual rate of +X% from 2007 to 2019; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 with an increase of X% y-o-y. Imports peaked in 2019 and are likely to see steady growth in years to come.

In value terms, virgin olive oil imports contracted to $X in 2019. Overall, total imports indicated a perceptible increase from 2007 to 2019: its value increased at an average annual rate of +X% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 when imports increased by X% year-to-year. Over the period under review, imports reached the peak figure at $X in 2018, and then contracted in the following year.

Imports by Country

Spain (X tonnes), Italy (X tonnes) and Tunisia (X tonnes) were the main suppliers of virgin olive oil imports to the U.S., together accounting for X% of total imports. Greece, Argentina, Turkey, Chile and Portugal lagged somewhat behind, together accounting for a further X 2007 to 2019, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Chile, while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Spain ($X) and Tunisia ($X) appeared to be the largest virgin olive oil suppliers to the U.S., with a combined X% share of total imports. These countries were followed by Greece, Argentina, Chile, Turkey and Portugal, which together accounted for a further X saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2019, the average virgin olive oil import price amounted to $X per tonne, with a decrease of -X% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. Over the period under review, average import prices reached the maximum at $X per tonne in 2017; however, from 2018 to 2019, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2019, the country with the highest price was Italy ($X per tonne), while the price for Turkey ($X per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Italy, while the prices for the other major suppliers experienced a decline.

Source: IndexBox AI Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for virgin olive oil in the world?

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Spain (1.1M tonnes) constituted the country with the largest volume of virgin olive oil consumption, accounting for 31% of total volume. Moreover, virgin olive oil consumption in Spain exceeded the figures recorded by the second-largest consumer, Italy (542K tonnes), twofold. The U.S. (266K tonnes) ranked third in terms of total consumption with a 7.2% share.

What are the largest producers of virgin olive oil in the world?

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Spain (1.9M tonnes) constituted the country with the largest volume of virgin olive oil production, accounting for 51% of total volume. Moreover, virgin olive oil production in Spain exceeded the figures recorded by the second-largest producer, Greece (329K tonnes), sixfold. Tunisia (287K tonnes) ranked third in terms of total production with a 7.8% share.

What are the leading suppliers of virgin olive oil to the U.S.?

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In value terms, Italy ($424M), Spain ($374M) and Tunisia ($82M) appeared to be the largest virgin olive oil suppliers to the U.S., together comprising 84% of total imports. Greece, Argentina, Chile, Turkey and Portugal lagged somewhat behind, together accounting for a further 12%.

What are the leading importers of virgin olive oil from the U.S.?

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In value terms, Canada ($6.4M) remains the key foreign market for virgin olive oil exports from the U.S., comprising 41% of total exports. The second position in the ranking was occupied by Mexico ($1.7M), with a 11% share of total exports. It was followed by Panama, with a 3.8% share.

What is the average export price for virgin olive oil in the U.S.?

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In 2019, the average virgin olive oil export price amounted to $3,670 per tonne, which is down by -6.1% against the previous year.

What is the average import price for virgin olive oil in the U.S.?

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In 2019, the average virgin olive oil import price amounted to $4,138 per tonne, with a decrease of -13.3% against the previous year.